Bitcoin Price Rally Expected to Resume Soon, Analysts Predict

Bitcoin's price has been experiencing fluctuations in recent times, with its value surging to $74,000 on Wednesday before returning to below $68,000 as of press time.

The cryptocurrency's deviation from its price compression below $70,000 was brief, but one analyst believes that the best is yet to come. According to CW, the BTC Inter-exchange Flow Pulse metric has formed a golden cross, which has acted as a catalyst for an explosive upward movement in the past.

However, it's worth noting that the rally doesn't begin immediately after the formation of this indicator. In 2019, it took around 30 days for the price to go on a wild run after the bear market had ended, while in 2023, the necessary timeframe was increased by 10 days.

Based on this information, CW believes that the next month could be similarly choppy for bitcoin as the previous one was. Nevertheless, the analyst is convinced that 'the trend has reversed, and an explosive upward rally is not far away.'